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Catterton Partners exits Plum Organics to Campbell Soup Company

24 May 2013

Plum OrganicsConsumer-focused private equity firm Catterton Partners has agreed to sell baby and toddler food company Plum Organics to Campbell Soup as it approaches an imminent final close for its latest buyout fund.

Catterton, which picked up Plum Organics in 2010, expanded the company’s distribution channels and product range, and expanded the brand to include offerings for toddlers and young children.

Plum was the second-fastest growing food business in the US last year, the firm said.

Catterton partner Jon Owsley said, “With their commitment to wholesome ingredients, a focus on flavors that children love and a modern approach to family nutrition, the Plum Organics team has established a leadership position in their category.

“We are pleased to have partnered with the management team to help drive the company’s success.

“This transaction represents a terrific outcome for Plum Organics, Catterton and Campbell, and we are confident that Plum Organics will thrive for years to come under new ownership.”

Catterton had reportedly hard circled at least $1bn for its seventh buyout vehicle last month. The fund is targeting $1.2bn according to a separate SEC filing.

Last month AltAssets revealed Catterton was back in the market to raise a second growth fund with the end of its buyout fundraise looming.

Catterton Growth Partners II had not collected any commitments at the time according to a regulatory filing with the US Securities and Exchange Commission.

The fundraise comes almost exactly five years after Catterton closed its first consumer growth fund on its $300m hard cap.

That vehicle has been targeting control-oriented investments in companies requiring between $10m and $30m of equity capital.

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